GPW - Giełda Papierów Wartościowych w Warszawie S.A.

Regulatory Filings • Mar 29, 2019

Current Report No. 3/2019Date: 29 March 2019Topic: Disclosure ofdelayed inside information concerning the motion of the GPW ManagementBoard tabled to the Exchange Supervisory Board requesting its opinion ona proposed update of the GPW Group's financial targetsLegalbasis: Article 17(4) of MAR - notification of a delay of disclosure ofinside informationContent:Acting pursuant to Article 17(1),Article 17(4) and Article 7 of Regulation (EU) 596/2014 of the EuropeanParliament and of the Council on market abuse and repealing Directive2003/6/EC of the European Parliament and of the Council and CommissionDirectives 2003/124/EC, 2003/125/EC and 2004/72/EC ("MAR"), inconnection with the cessation of conditions of delay of disclosure ofinside information, the Management Board of the Warsaw Stock Exchange("GPW", "Company") hereby discloses the following inside informationconcerning the motion of the GPW Management Board tabled to the ExchangeSupervisory Board requesting its opinion a proposed update of the GPWGroup's strategic ambitions.Content of the insideinformation delayed on 29 March 2019 under Article 17(4) of MAR:"Furtherto Current Report No. 24/2018 of 12 June 2018, the Management Board ofthe Warsaw Stock Exchange ("GPW", "Company") hereby announces that itintends to request the Exchange Supervisory Board's approval of a motionconcerning an update of the financial targets under the "Update of theGPW Group Strategy #GPW2022" ("Strategy") approved in June 2018. TheGPW's recommendation follows the determination of specific projectassumptions and changes in the legislative environment. GPW'sassumptions and strategic measures in the different pillars ofdevelopment comprised of specific initiatives remain unchanged.TheCompany's updated financial targets defined for 2022 are as follows:•Revenue: PLN 470 million in 2022;• EBITDA: PLN 250 million in 2022;•ROE: 19% in 2022 (it may temporarily fall below 19% due to expendituresin connection with the implementation of the strategy);• C/I under50% after 2022 (it may temporarily range from 63% to 55% due toexpenditures in connection with the implementation of the strategy);•Dividend from the 2019 profit at least PLN 2.4 per share, annualincrease in the dividend from the 2020-2022 profits by at least PLN 0.1per share; however, the dividend will be no less than 60% of the annualconsolidated net profit of the GPW Group attributable to the GPWshareholders, adjusted for the share of profit of associates.Furthermore,the Company hereby announces that these strategic objectives and targetsare not a forecast or estimate of results, including financial results,and concern only the intended directions of activities in 2019-2022."On29 March 2019, the Company decided to publish the inside information inconnection with the cessation of conditions of delay of disclosure ofthe information.In the opinion of the Company's ManagementBoard, the delay of disclosure of the inside information of 29 March2019 was justified because the immediate publication of such informationwas unjustified in view of the likelihood that the Exchange SupervisoryBoard could not take a position, which would mislead the public.Furthermore,the Company announces that the delay of disclosure of the insideinformation does not mislead the public and that the Company has takenall measures necessary to ensure the confidentiality of that information.Inaccordance with Article 17(4) third paragraph of MAR, the Company willinform the Polish Financial Supervision Authority (KNF) about the delayof disclosure of the inside information immediately after thepublication of this report by presenting a written explanation of howthe conditions set in Article 17(4)(a)-(c) of MAR were met.Legalbasis: Article 17(4) of Regulation (EU) 596/2014 of the EuropeanParliament and of the Council of 16 April 2014 on market abuse (marketabuse regulation) and repealing Directive 2003/6/EC of the EuropeanParliament and of the Council and Commission Directives 2003/124/EC,2003/125/EC and 2004/72/EC (EU Official Journal L 173) ("MAR"),